Cobalt Blockchain Announces Changes to Board and Management Team; Reaffirms Focus on Ethical Cobalt
Cobalt Blockchain Announces Changes to
Board and Management Team; Reaffirms
Focus on Ethical Cobalt
Toronto, Ontario--(Newsfile Corp. - August 17, 2020) - Cobalt Blockchain Inc. (TSXV: COBC) ("COBC"
or the "Company") is pleased to announce a restructuring, effective immediately, of its board of directors
and management team, reaffirming its focus on bringing ethically-sourced cobalt to market.
Restructuring
COBC welcomes Peter Copetti who will join Peter Hooper and independent directors Michael Cachia,
Patricia Mannard, and Samuel Peralta, on the board of directors.
Mr. Copetti takes on the roles of Executive Chairman of the Board and Chief Executive Officer (CEO).
Mr. Copetti has extensive experience in capital markets and corporate leadership, notably in
restructuring, mergers and acquisition. Most recently, Mr. Copetti served as Executive Co-Chairman of
the Board and interim CEO of POET Technologies, which transformed from a strategic gallium play, into
a gallium arsenide photovoltaic company, and finally Mr. Copetti identified and was a key player in
POET's acquisition of DenseLight and BB Photonics.
"Peter Copetti was the chief architect of POET's financial and operational restructuring, and the key
driver of its strategic transformation," noted Dr. Peralta, COBC lead independent director and previously
also a director on POET's board. "Having worked with him personally, I am excited by the level of
expertise and focus he promises to bring to the transformation of COBC."
Lance Hooper and Jim Blake are stepping down from their board roles. Lance remains COBC's
President and Chief Operating Officer (COO), while Mr. Blake will continue to provide corporate
secretarial service. Peter Hooper is stepping down as CEO, but will continue to serve as a board
member and in an executive advisory capacity. Philip Gibbs continues in his role as Chief Financial
Officer.
Mr. Copetti said: "The board and I would like to thank Lance and Jim for their efforts on the board and
Peter Hooper for his work as CEO. I personally look forward to working with them and drawing on their
expertise in all areas as we explore the Company's full potential."
Mr. Copetti has entered into a consulting agreement with the Company for his services as Chairman and
CEO. The details of any share/options packages will be outlined after regulatory validation.
Strategic Direction
COBC was the first mining and mineral trading company set up specifically to procure cobalt in
compliance with the Organisation for Economic Co-operation and Development due diligence
framework, which still forms the basis of its strategic direction.
"My vision is for COBC to inspire a socially responsible transformation of the mineral supply chain," said
Mr. Copetti. "I believe that this vision - embraced by our company, our partners, and others we are
talking to in the strategic metals, battery, smartphone, and electric vehicle industries - will drive growing
returns on all fronts for stakeholders."
Mr. Copetti continued: "Having spent time in the DRC pre Covid with our partners inspecting various
sites, including the cobalt hydroxide plant, I can with conviction say there is great opportunity for
enhancing shareholder value. Beyond that, we will embrace the opportunity for a socially responsible
approach throughout the whole supply chain, including at artisanal mining sites. I intend to make sure we
are not only a responsible mining and mineral trading concern, but that those working with us at every
level feel like partners. I believe EV is the most attractive space for our investors to be in over the next
decade and cobalt is key to the space.
I intend to use both my M&A and capital markets experience to
enhance shareholder value over the coming months and years."
A key part of the Company's strategy is to continue exploration work on its joint venture properties in the
DRC, as well as pursuing initiatives for exploration opportunities in jurisdictions beyond the DRC.
Another core component of the Company's strategy going forward is refinement of its reporting platform,
comprised of an analytical provenance layer and a layer based on distributed ledger, or blockchain-
based, technology. The resulting automated trust protocol will support greater clarity of provenance and
further assurance that minerals in the supply chain are responsibly sourced.
The third part of COBC's strategy is to accelerate the pilot commissioning of a cobalt hydroxide plant in
Lubumbashi, DRC, under an agreement with Traxys Europe S.A. This is concomitant with an off-take
agreement covering cobalt concentrates produced at the plant. Its product, cobalt hydroxide, is used in
the preparation of other cobalt compounds, as a catalyst, and in the manufacture of battery electrodes for
electric vehicles, and for handheld mobile devices.
About Cobalt Blockchain Inc.
Cobalt Blockchain Inc. (TSXV: COBC) (OTC Pink: COBCF) is a Canadian resource company
expanding its exploration and development business to include cobalt assets in the Democratic
Republic of the Congo ("DRC"); it holds processing and export licenses for 3T, copper and cobalt from
the DRC.
COBC is the first mining and mineral trade company set up specifically to procure cobalt in
compliance with the Organisation for Economic Co-operation and Development ("OECD") due diligence
framework. COBC has developed and is implementing a blockchain-based traceability and reporting
platform to provide greater certainty of provenance and further assurance that all minerals procured are
ethically-sourced. Senior management have over twelve years of experience working in the DRC and a
proven international track record in exploration success and the trading of certified conflict-free, child-
labour-free minerals.
For additional information, please contact:
Lance Hooper
Cobalt Blockchain Inc.
Telephone: +1-416-500-3670
Email:
Website:
www.cobc.co
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical facts, that address future production,
reserve potential, exploration drilling, exploitation activities and events or developments that the
Company expects are forward-looking statements. Although the Company believes the expectations
expressed in such statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ materially from those
in the statements. There are certain factors that could cause actual results to differ materially from
those in forward-looking statements. These include market prices, exploitation and exploration
successes, continued availability of capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company, investors should review registered
filings at
www.sedar.com
.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/61987